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Monday, February 6, 2012

Upstream oil cos to bear 38 pct of subsidy share

NEW DELHI | Mon Feb 6, 2012 12:41pm IST

(Reuters) - The government has asked upstream oil companies to compensate state-run oil refiners for 37.91 percent of revenue losses on fuel sales during April to December 2011, a government source told reporters.

"Together, upstream companies' subsidy share will be 368.94 billion rupees," said the source, who declined to be identified.

For the first two quarters of the current fiscal year, upstream companies had compensated 33.33 percent of the losses due to state-set fuel prices.

The union government fixes the retail prices of liquefied petroleum gas, kerosene and diesel to protect the poor, leading to revenue losses at Indian Oil Corp (IOC.NS), Bharat Petroleum Corp (BPCL.NS) and Hindustan Petroleum Corp HPCl.NS.

(Reporting by Nidhi Verma)

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